Hire-Purchase Act, 1972
9. Right of hirer to purchase at any time with rebate.-
(1) The hirer may, at any time during the continuance of the hire-purchase agreement and after giving the owner not less than fourteen days notice in writing of his intention so to do, complete the purchase of the goods by paying or tendering to the owner of the hire-purchase price or the balance thereof as reduced by the rebate calculated in the manner provided in sub-section (2).
The rebate for the purposes of sub-section (1) shall be equal to two-thirds of an amount which bears to the hire-purchase charges the same proportion as the balance of the hire-purchase price not yet due bears to the hire-purchase price.
Explanation.- In the sub-section "hire-purchase" means the difference between the hire-purchase price and the cash price as stated in the hire-purchase agreement.
The provisions of this section shall have effect notwithstanding anything to the contrary contained in the hire-purchase agreement, but where the terms of the agreement entitled to hirer to a rebate higher than that allowed by this section, the hirer shall be entitled to the rebate provided by the agreement.